Atlas Backs ProtAffin

Xconomy Boston — 

Waltham, MA-based Atlas Venture and Conshohocken, PA-based SR One, the venture arm of GlaxoSmithKline, co-led a €14.1 million ($18.4 million) Series B round of financing for ProtAffin, according to an announcement from the Austrian biotech startup. Return backers Aescap Venture, Entrepreneurs Fund, and Z-Cube joined the deal, the proceeds from which will be used to help move ProtAffin’s lead drug, an anti-inflammatory, through Phase I clinical testing and to expand the application of the startup’s platform for discovering protein drugs that target cell-surface sugars into oncology.